> What I think is disappearing is not so much the quality of academic education, but the baptism by firehose that entry level CS positions used to offer - where you had no choice but learn how things actually work while having a safe space to fail during a period in your career when productivity expectations of you were minimal to none

I would say that baptism by fire _is_ where the quality of an academic education comes from, historically at least. They are the same picture.